With Upbit, according to the daily trading volume in the stock market, the largest in South Korea cryptocurrency Bithumb, has announced an end to their activities in North Korea, Iran, Iraq, Sri Lanka and other seven countries. The reason underlying the decision is that according to the NCCT institutions of these countries, high-risk countries.

In Bithumb’s statement, since May 28, for the prevention of illegal activities such as money laundering, terror financing and tax evasion, it is stated that various changes will be made in the stock exchange sub-structure, while the first step taken within these changes is to stop service efficiency to 11 high risk countries.

With this decision, one of South Korea’s two largest crypto-money exchanges will no longer accept new users from these 11 countries, and from June 21, it will block the accounts of the citizens of that country.

Is it government print?

NCCT institution operating under the South Korean Government; It provides some kind of advice to South Korean entrepreneurs to keep them away from high-risk areas. In the anti-money laundering program conducted by the Corporation , the 11 countries, including the North Korea, where the betting was carried out were found to be politically unstable and inadequate in the money laundering laws, and therefore Bithumb had a recommendation in this regard.

Bithumb, who has made such a decision after the policy implemented by the institution, has also reduced the likelihood of problems with local financial authorities and supervisory agencies on this issue, it is stated that the business union that the stock exchange made in the prevention of the money laundering is now ‘acceptable’.

Following this decision, the Bithumb developer team will now be asking foreign users registered with the stock market to activate the two-sided security system, and at the same time, fake location and identification of users who can identify the statement was specified.

The Bithumb spokesman had the following evaluations of the process in his statement:

“As the Bithumb team, we work together voluntarily with local financial authorities and statutory auditors. Our main goal at this point is; to contribute to the elimination of illegal processes such as money laundering, tax evasion or terrorist financing as a stock exchange and to protect our investors in this respect. As an institution that believes in transparency in the currency market; we want to continue moving our security standards forward and we will do it day by day. ”

Impact of Japanese Government
Earlier this month, Japan’s oldest and strongest media organ, Mainichi Shimbun , It is illegal to deny hundreds of millions of dollars worth of money by an organized criminal organization named Yakuza; Z Cash claimed to be in Monero and Dash format.

Yakuza, known as one of the most powerful organized crime syndicates in Japan and worldwide spread malicious organization of 102 thousand 560 is the number of tahhm is a member. This criminal organization, which has been active since the 17th century, has been pointed out as another interesting issue, claiming that there are security forces as well as staff who have settled in the prisons.

This news, which was published in Mainichi Shimbun, also puts the Japanese government in motion; debates on Monello, Z Cash and Dash , especially crypto money with confidentiality flared up. Many crypto money exchanges are being sought by the government; it was demanded that these crypto bills be issued from the stock market.

Speaking to Mainichi Shimbun, the Japanese government official said:

“As the government, it is necessary to discuss in real terms whether crypto money exchanges that license and operate from us will use such coins. This was a scheme of money laundering that we all know very well (for Yakuza). It’s also a surprise, maybe not. If you are going to do something illegal anyway, everyone can guess that crypto money will use those anonymous ones. ”

The Japanese Financial Services Authority (FSA) has warned G20 countries in the past when it comes to the use of such secrecy-oriented crypto money. FSA officials, particularly stating that money laundering criminal organizations could use such crypto money very seriously, called on other countries to work together on this issue. The government official, who continues to comment on the matter, said in this regard:

“As Japan, we can not solve this problem alone. Even if we try to do something locally, it is not possible for us to cover enough distances in this regard. That is why other G20 countries have to join us in this matter. If these countries come and make business associations with us, then we will have taken a meaningful path in the money laundering process, otherwise we will not be able to do anything. ”

In countries such as Iran and Iraq, it is clear that the Bithumb team, who has had this kind of forbidden life, works by putting it into his teeth to bring transparency to the crypto money sector. The long-term vision of the company evolves in this direction; Bithumb and other local cryptographic money exchanges can put significant decisions about the use of such confidentiality-focused crypto-money in the near future. The situation will always show the time as it is… Tags: bithumb english, bithumb price, bithumb news, bithumb review, bithumb xrp, bithumb fees, bithumb api, bithumb wiki